Sacramento spent $680,000 from September through April on its unsuccessful effort to build a new arena for its pro basketball team, according to the local press.

The city spent the money mostly out of a parking fund and on a financial consultant for the deal, according to the Sacramento Bee.

California’s capital, like many other cities in the state’s Central Valley, has suffered falling revenues and budget cuts because of the housing bust and recession.

The deal to build a new arena appeared dead last month after the city and the Sacramento Kings’ owners, the Maloof family, failed to reach an agreement on financing.

Earlier in the year, Mayor Kevin Johnson and the Kings’ owners announced a tentative deal to build a new arena in a downtown railyard.

According to reports, the city would have contributed around $250 million, mainly by leasing its parking garages to a private company.

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